Virginia Bankruptcy Exemption Information
Acting as a bankruptcy trustee means you will have to examine the claimant's property to determine if there are any assets that qualify for liquidation. Qualification can be determined in part by quick reference to some of the most frequently claimed Virginia bankruptcy exemptions.
Homestead
$5,000 homestead exemption plus $500 for each dependent.
Wages
75 percent of weekly earnings or 30 times the federal minimum hourly wage,
whichever is greater.
Automobiles
$2,000 in one motor vehicle.
Other Property
Family bible; wedding and engagement rings; family portraits and heirlooms not
to exceed $5,000 in value; one burial lot and one preneed funeral
contract not to exceed $5,000; $1,000 in clothing; household
furnishings not to exceed $5,000 in value; all pets; all medically
prescribed health aids; $10,000 in tools of the trade.
Note: Exemptions may have changed since our last update.
» Read the complete Virginia bankruptcy
exemptions here
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